4月28日，江苏天工科技股份有限公司（简称"天工股份"）在北京证券交易所启动申购，本次发行价格3.94元/ 股，对应发行市盈率14.98倍，募集资金预计为2.36亿元。 天工股份是一家专业的钛及钛合金材料制造商，在其上市之路上，因存在业绩剧烈波动、实控人签"现金对赌协 议"、客户集中度畸高、违规代持股权等问题引发市场关注和质疑。 业绩波动明显，可持续发展存疑 天工股份是一家专业的钛及钛合金材料制造商，从事钛及钛合金材料的研发、生产与销售，利用原材料海绵钛生 产钛板材、钛管材、钛线材等，已被评为国家级专精特新"小巨人"企业。 近年来，公司业绩忽高忽低，波动较大。2023年，天工股份实现营业收入10.35亿元，同比增长170.05%；归母净 利润为1.7亿元，同比增长142.57%。 然而，这一增长态势在2024年陡然停止。2024年，天工股份实现营业收入为8.01亿元，同比下降22.59%；归母净 利润为1.72亿元，同比增长1.57%。 招股书披露，天工股份2025年1-3月（未经审计）实现营业收入19230.88万元，同比微增4.35%。 当前，我国钛及钛合金材料行业存在结构性产能过剩的问题，高端产品产能不 ...

4月28日，江苏天工科技股份有限公司（简称"天工股份"）在北京证券交易所（简称"北交所"）开启新 股申购。 公司本次募集资金投资项目围绕公司主营业务开展，着眼于提高公司产品产量的同时，提升公司产品性 能与质量，减少关联交易，向钛及钛合金高附加值应用领域延伸。"年产3000吨高端钛及钛合金棒、丝 材生产线建设项目"拟通过在公司现有土地新建生产车间，凭借公司拥有的产品专利技术、技术研发储 备与现有生产设施，新增生产及其他辅助设备，实现年产3000吨高端钛及钛合金棒、丝材的能力。 本次发行战略配售发行数量为1800万股，占超额配售选择权行使前本次发行数量的30%。战略投资者包 括中信证券、国泰海通证券、中国国际金融股份有限公司、第一创业证券、山东国泰平安投资管理有限 公司、上海贝寅私募基金管理有限公司等。 华源证券北交所研究团队指出，战略配售机构由中信、国泰海通、中金三家顶级券商领衔，外加一众私 募，锁定期达到18个月，足见机构对其认可度较高，充分体现长期价值投资者对公司发展前景充满信 心。 公开资料显示，天工股份的申购代码是920068，发行价为3.94元/股，发行市盈率为14.98倍，参考行业 市盈率为17.4 ...

Group 1: ZERUN New Energy - ZERUN New Energy's subscription code is 301636, with an issue price of 33.06 CNY per share and a price-to-earnings ratio of 17.57, compared to the industry average of 17.89 [3] - The total number of shares issued by ZERUN New Energy is 15.97 million, with 4.55 million shares available for online subscription. The maximum subscription limit for investors is 4,500 shares, requiring a market value of 45,000 CNY in the Shenzhen market [3] - ZERUN New Energy specializes in the field of new energy electrical connections, protection, and intelligent technology, providing integrated solutions for photovoltaic module junction boxes. It has been recognized as a national-level specialized and innovative "little giant" enterprise, with clients including TCL Zhonghuan and other well-known photovoltaic manufacturers [3][2] - The company's projected revenues for 2022, 2023, and 2024 are 522 million CNY, 844 million CNY, and 876 million CNY, respectively, with net profits of approximately 86.4 million CNY, 120 million CNY, and 131 million CNY [3] Group 2: Tiangong Co., Ltd. - Tiangong Co., Ltd.'s subscription code is 920068, with an issue price of 3.94 CNY per share and a price-to-earnings ratio of 14.98, compared to the industry average of 17.44 [6] - The total number of shares issued by Tiangong Co., Ltd. is 60 million, with 42 million shares available for online subscription. The maximum subscription limit for investors is 2.55 million shares [6] - Tiangong Co., Ltd. is a specialized manufacturer of titanium and titanium alloy materials, engaged in the research, production, and sales of titanium products. It has also been recognized as a national-level specialized and innovative "little giant" enterprise [6][5] - In 2023, Tiangong Co., Ltd. reported revenues of 1.035 billion CNY, a year-on-year increase of 170.05%, and a net profit of 170 million CNY, up 142.57% [7] - For 2024, the company expects revenues of 801 million CNY, a year-on-year decrease of 22.59%, while net profit is projected to be 172 million CNY, a slight increase of 1.57% [8]